Economics/Class Relations

Richard D. Wolff Lecture on Worker Coops: Theory and Practice of 21st Century Socialism

Once again, this is not socialism. This is workers’ capitalism. Thirty years ago, every self-identified socialist, from Stalinists to an-coms, would have agreed that socialism is not merely taking control of the means of production away from the capitalist class but also abolishing market relations where production is no longer done for profit but for the purpose of attempting to rationally allocate resources on the basis of need. Wolff is arguably the leading “socialist” theoretician in the US today, and virtually all present-day “socialists” are proponents of workers’ capitalism and/or social democracy.

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  1. Thanks for making that distinction. Rational allocation of resources based on need. This would also be distinctive from Fascism.

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